Impact of Israel's Attack on Iran on Energy Prices
Israel's attack on Iran has President Donald Trump facing the prospect of rapidly spiking energy prices, potentially reaching $100 a barrel, which could impact American gasoline prices and voters' bills.
Key Points
- The world benchmark oil price jumped to $73 a barrel due to the series of airstrikes between Israel and Iran.
- Gasoline prices in the U.S. could increase by as much as 25 cents a gallon in the coming weeks.
- President Trump may have limited tools to control rising energy prices.
- Geopolitical price spikes pose a risk of recession and could be damaging politically for Trump.
- Oil prices could stabilize if the conflict is contained.